Last checked at 13 Dec 2022 17:00
13 December 2022
Oracle Power PLC
("Oracle" or the "Company")
Directorate change and director share purchases
Oracle Power PLC (AIM: ORCP), a developer of green hydrogen, announces that Andreas Migge, Non-Executive Director, has now left the board of the Company with immediate effect. The Board would like to thank Andreas for his contribution to the development of the Company to date and wishes him well in his future endeavours.
The Company is also pleased to announce that the Directors of the Company have purchased ordinary shares in the Company as part of the MAR compliant Director Share Purchase Plan ("Director Purchase Plan") as previously announced.
The following share purchases were made on 13 December 2022:
DIRECTOR | POSITION | ORDINARY SHARES PURCHASED | PRICE PER ORDINARY SHARE | TOTAL BENEFICIAL INTEREST | % ISSUED SHARE CAPITAL |
Mark Steed | Non-Executive Chairman | 57,499
| 0.225 pence | 24,724,939 | 0.803% |
Naheed Memon | CEO | 504,377 | 0.225 pence | 112,448,589 | 3.653% |
David Hutchins | Non-Executive Director | 76,665
| 0.225 pence | 790,282 | 0.026% |
Further details of the Director Purchase Plan can be found in the Company's announcement of 29 September 2022.
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
*ENDS*
For further information on Oracle Power PLC, visit the Company's website http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser and Broker)
Rory Murphy, Matthew Chandler, Rob Patrick +44 (0) 20 7409 3494
Buchanan (Financial PR)
Bobby Morse/ Oonagh Reidy/Abigail Gilchrist +44 (0) 203 7466 5000
Details of the full notifications received by the Company are set out below:
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a. | Name | 1. Mark Steed 2. Naheed Memon 3. David Hutchins | ||||||||||||
2. | Reason for the notification | |||||||||||||
a. | Position/status | 1. Non-Executive Chairman 2. CEO 3. Non-Executive Director | ||||||||||||
b. | Initial notification/Amendment | Initial Notification | ||||||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
a. | Name | Oracle Power PLC | ||||||||||||
b. | LEI | 213800KTG8HX1WBCAA49 | ||||||||||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||||
a. | Description of the Financial instrument, type of instrument Identification code | Ordinary Shares of £0.001 each GB00B23JN426
| ||||||||||||
b. | Nature of the transaction | Purchase of Ordinary Shares | ||||||||||||
c. | Price(s) and volume(s) |
| ||||||||||||
d. | Aggregated information - Aggregated volume - Price |
638,541 £0.00225 per Ordinary Share | ||||||||||||
e. | Date of the transactions | 13 December 2022 | ||||||||||||
f. | Place of the transactions | London Stock Exchange's AIM Market (XLON) | ||||||||||||
About Oracle Power PLC
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. The Company is active in the energy industry in Pakistan and is working to establish a green hydrogen production facility through Oracle Energy Limited, a joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum.
Oracle Energy Limited has been set up as the project development company and is funded on a 70:30 basis by Kaheel Energy (100% owned by His Highness Sheikh Ahmed Dalmook Al Maktoum) and Oracle Power PLC respectively. The project development company provides a vehicle to support the accelerated development of the green hydrogen project to meet the growing international and domestic demand of green hydrogen and clean energy.
The Company also continues to advance towards the development of its Thar Block VI Project in south-east Pakistan into a mine, a power plant and a proposed coal gasification project.
In Australia, its primary focus is the Northern Zone Gold Project, located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia. Northern Zone has a current Exploration Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold, with drilling being planned to define a maiden inferred JORC resource.